CPI Saves Crypto

Main Takeaway: US CPI Numbers Print Lower Than Expected

US CPI numbers came in under 8%, thus lowering the temperament that inflation would rise and the Fed would need to make another aggressive rate hike in December. This lower than expected print means the Fed could potentially soften its rate hikes in order to get that “soft landing.” As a result, US stocks had their best day in over two years and cryptos rose almost 8%, with coins like Polygon and Solana making 20% gains. However, despite the good inflation news, investors should be prudent about the repercussions from the FTX scandal and potential insolvent dominos that have yet to fall.